Guy Hands fund bids for Novera Energy

Infinis Energy, the renewables company owned by Guy Hands’s Terra Firma, has made a £90m bid for its smaller rival Novera.

By Rowena MasonPublished:
The wind and biomass power group, which was established by the private- equity firm through a demerger in 2006, already had the largest shareholding in Novera, with a 29.9pc stake.
Infinis bought a further 13pc of the business on Tuesday night from the second-largest shareholder, Credit Suisse. Novera’s share price rose 15¼, or 32pc, to 65p yesterday following the 62.5p per share offer.
“The offer is attractive for Novera shareholders, providing certainty, in cash, at a compelling value,” said Infinis, which produces 10pc of the UK’s renewable energy – or enough power for 400,000 UK homes.
However, the board of Novera has already recommended that the remaining 57pc of shareholders reject the offer, claiming that it undervalues the company.
Novera owns two wind farms, 10 hydro-power stations and 46 landfill gas sites.